Vietnam digital finance and securities regulation

Vietnam is advancing regulatory frameworks for digital finance and securities. The State Securities Commission has proposed draft amendments to the Securities Law, slated for potential implementation in March 2027. This proposal focuses on the digitalization of investor relations, including fully online account opening and electronic contract execution to replace physical paperwork. The draft also aims to reform Exchange-Traded Fund (ETF) regulations by expanding eligible assets and exempting them from certain investment limits to address operational bottlenecks.

Parallel to these securities reforms, the government is preparing for a five-year pilot phase for a crypto asset exchange. Under Resolution No. 05/2025/NQ-CP, enterprises must meet stringent requirements to obtain a license, including a minimum charter capital of 10,000 billion VND and specific institutional ownership structures. The pilot phase is expected to focus on five tokenized asset types: NFTs, commodities, cash flows, real estate, and green products. The regulatory model for this exchange will restrict direct trading between crypto assets and the Vietnamese Dong, prioritizing off-ramp services and specific trading roles for domestic and foreign investors.